Property Reinsurance Market Coronavirus Update
The BMS Property Practice Group performed a survey to gauge how the market is responding to the Coronavirus. We spoke with over 20 companies, representing in excess of $50b of (re)insurance capital. About 80% of the market representatives we spoke with were senior treaty property underwriters who we place business with on a regular basis, including: Domestic, Lloyds, and Bermuda companies. The other 20% were senior property insurance underwriters. Our approach was to access the practitioners of the business who have the best view of what is really happening right now, swear anonymity, and garner honest results without hyperbole or corporate spiel. We asked each underwriter four multiple choice questions designed to isolate the impact of Coronavirus from any other factors influencing their work lives, risk appetite and/or capacity.